J.C. Penney’s Ax May Nick Bill Ackman, Too

While one Bill Ackman investment, Herbalife, seems to be sucking up all the air today, another of his investments, J.C. Penney, is having rough day as well.

After axing CEO Ron Johnson and bringing back former CEO Myron Ullman, the company is implicitly admitting that its big plan, bringing over Johnson from Apple and trying to extend that iHalo to a struggling retailer, didn’t work.

Johnson, incidentally, was championed by Ackman, and the hedge-fund wunderkind is eating just a bit of crow today over pushing the retail wunderkind on Penney. Deal Journal’s Dave Benoit stopped by the Markets Hub this morning to discuss.